With IVR (implied volatility rank) at 69 (ThinkOrSwim 52-Week), OIH offers a premium selling opportunity here. Keep in mind that it is an oil services ETF , so if you already have oil/petroleum/exploration plays on, it would probably be advisable to pass on this trade, since in all likelihood it will be closely correlated with instruments like USO , XLE , and XOP , to name a few.

Notes: I have gone narrower here on the wings with a 1 1/2 wide in order to conserve buying power for other plays. Naturally, going wider yields a greater credit (3-wide wings with the same short strikes yields .35 credit/contract). Given the small credit received due to the price of the underlying, I generally go bigger in terms of the number of contracts with these types of plays. Look to take the entire setup off for 50% max profit.

Another, informative, long story with this one. I originally did the above referenced setup with 4 contracts, for which I received a 1.64 credit. With 7 DTE, I covered the short put side for a .20 debit and then rolled out the call side for duration and credit to the Nov 27th expiry for an additional .72 credit. I then proceeded to pair up the short call side with a short put credit spread that I put on for the Nov 27th expiry for an additional .80 credit. So far, I've received a total of 1.64 + .72 + .80 in credits and covered for a total of .20 debit and hope to close out the current setup in the next several days ... .